Currency mismatches hit corporates hard during crisis, says Hungarian paper


A working paper published on December 27 by the National Bank of Hungary analyses the effect of currency mismatches in the corporate sector during the financial crisis.

The authors – Mariann Endrész, Győző Gyöngyösi and Péter Harasztosi – say a "significant share" of companies with foreign exchange had no natural hedge prior to the crisis.

Mismatched companies made up 7% of the corporate sector in 2007 but possessed a significantly large share in various aggregates, the authors say, including 66

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